“Home
is a place you grow up wanting to leave, and grow old wanting to get back to.”
John Ed Pearce
Purchasing
a home, while being very exciting, is also an extremely tedious experience. There
are truck loads of options in the market, but not much information about them. To
help you tide over your delusions & worries, we have created a 10 point
checklist to rate the properties you are interested in, so as to help you take
an informed decision.
Check It Before You
Cheque It!
Before you
decide to invest all your Green (or should I say Pink) Bucks, take a step back
and get informed. Check the
following before taking your Call.
·
Builder Related
Credentials of the builder- Make sure you do some research on
the builder. Find out about a previous/old project done by the builder and pay
a visit. You are likely to get similar Property & Services. Talk to the
residents, get a feedback on the following:
a.
Condition
of the Building, to include Sanitary & Plumbing fittings, Furnishing, Plaster
work.
b.
Paint,
Polish & state of walls & furnishings quality
c.
Sewage
issues & Seepage problems
Amenities- State of maintenance & upkeep
of Club, Sports facilities, Banquet halls, lawns, pathways, etc.
Maintenance & Security. While visiting the old project judge
the security and over all cleanliness of the society. Find out how efficient is
their waste disposal system.
Air & Lighting- Better ventilated property is more naturally lit
& reduces electricity bills.
Price- Its Basic Price (BSP) & allied
costs like Maintenance etc. Compare it with Similar Quality societies nearby.
·
Location. Extremely Important. General
location (like next to NH, means high noise level) & specific location
(park facing –so good view).
·
Connectivity- See it to believe it. Proximity to
schools, bus stations, your work place, etc., as travelling relates to your fuel
/ travel costs.
Dwarka
Expresway property buyers are stuck as road construction is stuck due to
litigation. Avoid options where a road is to come up in the next 6 months, because
it may not come up in the next 10 years.
·
Resale Potential-
o
Higher
Occupancy of new flats means better Resale chances & value.
o
Enquire
from Local brokers for resale price. Remember, they will praise the property on
which they are likely to earn more –take it with a pinch of salt. Compare with
prices of properties in the vicinity; would help you judge the market
reputation of the property you are interested in.
·
Right Price – If you are selling, ask Brokers
for Purchase Price & vice versa. Average the Sale & Purchase costs
offered by Brokers. This is probably the Market price of the property.
·
Road Conditions Around Property –Must check the road condition
& lighting, at least up to 500 meters from the project; the condition of the roads as well as the
lighting on the road.
·
Rental Potential- Often one buys a house for self use, but later
changes his mind. Before investing in a house, find out the rental value.
Annual rent of a house should be 2-4% of the total cost of the property.
·
Young Investor. If you have a
transferable job, or are planning to use the house a decade or later, most
important aspect is – Is it likely to give Good returns on sale? 70% people
change their mind in a decade or so, as to where to settle. So your Investment
should be able to get you a property at the Place You Finally Decide to Settle.
In case of any further queries, we would love to hear from
you. Leave us a message on -Facebook; Blog; email- biraj@colonelz.com
An aware buyer is a smart buyer.
